Goldman Sachs launches offering of series R fixed-rate reset non-cumulative preferred stock

By Cristal Cody

Tupelo, Miss., Nov. 12 – Goldman Sachs Group Inc. launched an offering of depositary shares on Tuesday, according to a 424B2 filing with the Securities and Exchange Commission.

The shares each represent 1/25 of an interest in a share of series R perpetual fixed-rate reset non-cumulative preferred stock.

Dividends will accrue from the issue date to but excluding Feb. 10, 2025 at a fixed rate and will be reset thereafter.

Goldman Sachs & Co. LLC is the bookrunner.

The preferreds are redeemable on or after the first reset date at par plus declared and unpaid dividends.

The securities will not be listed on an exchange.

Proceeds will be used to redeem a portion of the company’s 5.7% series L fixed-to-floating rate non-cumulative preferred stock.

Goldman Sachs Group is a New York-based banking, securities and investment management company.

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